Enterprise-grade Layer-1 smart contract platform VeChain has been building key partnerships in the market and its latest partnership with DeFi solutions provider Safe Haven helps to solve which solves some anomalies and drawbacks surrounding the Ledger ‘Recover’.
As the crypto industry has advanced to a great extent, proper safekeeping of data and distribution is an important challenge to address. Private information of users and their digital assets have been constantly at risk and centralized digital vaults aren’t secure enough to protect against malicious third-party attacks.
The available legacy options such as Ledger require high trust in a trustless environment and they are no longer effective in offering secure methods of transferring digital data. Popular crypto analyst Panos, also the author of “Understanding the Crypto Economy”, recently noted that Ledger’s new recovery subscription service ‘Ledger Recover’ has some potential drawbacks and vulnerabilities such as centralization, loss of privacy, risk of key extraction as well as other code exploits.
This is exactly where the demand for decentralized solutions comes into the picture with solutions such as VeChain-based DeFi solutions provider Safe Haven. Powered by the native cryptocurrency SHA, Safe Haven helps users to safely manage, transfer and store their digital assets.
Safe Haven has built platforms like SafeKey and Inheriti to ensure that users’ crypto assets are protected in a safe decentralized environment. It is the only patented and fully decentralized digital inheritance and data backup platform in the world.
Safe Haven’s Inheriti product safeguards sensitive data, providing secure storage, decentralized backup, and seamless transfer to loved ones during unfortunate circumstances. Inheriti provides users the power to split any data they wish to protect using multiple encrypted shares that are unreadable as such but reveal the data when put back together.
Once users input their confidential information, Inheriti will fragment the data into encrypted shares, rendering them indecipherable. These shares are then distributed among selected shareholders’ SafeKeys or can be managed independently. After that, the user data is encrypted decentralized & stored in a 3-layer topology, including cold storage & blockchain.
Inheriti employs AES-256 protocols to encrypt all sensitive data. This encrypted data is then divided into shares and stored securely in cold storage on FIDO2+SSDP SafeKey HSM Devices or mobile devices using the Inheriti Mobile application. The validator share is stored on a blockchain chosen by the client. Inheriti ensures decentralized storage of critical data while maintaining accessibility through multi-layer security measures.
On the other hand, the SafKey devices are extremely critical for backup and inheritance plans while they can also be used for secure online login using the two-factor authentication.
